Citizen Watches aims to become affordable luxury watch brand
Oct 06 2013 , New Delhi
"We will launch new models going forward...The new models will be across each price points as we want to become an affordable luxury watch company," Citizen Watches (India) Managing Director Katsusuke Tokura told PTI.
However, the company which is also looking at India becoming among the top 10 markets in the next 5-10 years, said its focus will remain on high-end models which accounts for bulk of sales.
"We will focus on high-end models for sales from our Indian operations," he added.
Citizen sells 500 watch models in India, priced in the range of Rs 5,000 to Rs 1.95 lakh.
On the Indian market, Tokura said: "India is a very important market for us. We expect it to be become (among) top 10 markets for Citizen watches in the next 5 to 10 years."
When asked about the current position of Indian market for Citizen Watches, he said: "We do not have any specific data to provide our exact position." The company does not report its financial details.
Citizen's top markets include Japan, US, China and Europe.
The company, which recently launched high-end 'Promaster' collection priced between Rs 55,000 to Rs 1,95,000, has launched 15 models so far this year.
Citizen Watches India Pvt Ltd is part of Japan's Citizen Watches Holdings Co Ltd, a USD 2.73 billion company.
It has roped in English cricketer Kevin Pietersen as its brand ambassador as part of strategy to enhance image and visibility in India to grow its business in the country.
"Signing of brand ambassador and launch of new products are part of our plans for brand enhancement. Our main concern is to increase our business in India," Tokura added.
The company, which imports its watches from Japan and China, said it has no plans to begin production in India in the near future.